To reduce the cost and inefficiencies associated with the use of cheques, the charge for cheques will be progressively increased to reflect its production cost, which is currently at RM3.00. A period of one year is given for the general public and businesses to familiarize with, adjust and migrate to using IBG for their payment transactions. Effective 1 April 2014, banks will charge a cheque processing fee of 50 sen on the issuer of the cheque. This fee is in addition to the existing stamp duty of 15 sen per cheque leaf. During the one-year period, Bank Negara Malaysia will work closely with the financial industry to further improve the payment infrastructure to ensure payment services are easily accessible, secure and convenient.